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Mexico

Inflation Reaches Highest Level in Two Years

November marked the second time the price of consumer goods exceeded the goal set by Banxico

The last time inflation levels were this elevated was in December 2014 when they reached 4.8 percent, photo: Pexels
By The News Whatsapp Twitter Facebook Share
1 year ago

Recorded information shows that inflation in Mexico reached its highest level during Nov. amounting to 3.3 percent.  According to data from the National Institute of Statistics and Geography (INEGI), the last time inflationary levels were this elevated was in December 2014 when they reached 4.8 percent.

The month of November marked the second time the price of consumer goods exceeded the goal set by the Mexico’s central bank (Banxico), which forecasted a three percent increase in 2016. Compared to 2015, inflationary tendencies reached 2.2 percent in annual value and 0.55 in monthly value.

According to the National Consumer Price Index (INPC), underlying inflation — which encompasses less-volatile goods — recorded an increase of 3.9 percent with an internal increase of 4.9 percent in food, beverages and tobacco. Education Services spiked 4.2 percent while housing rose 3.3 percent.

Non-underlying goods, which encompass more volatile products, marked an increase of 10 percent in the price of produce, 2.4 percent in electricity and 1.7 for fuels.

However, monthly incidence indicates that electricity is the good affected most by inflation rates with a 25.6 percent increase from October to November, followed by air transportation with 9.5 percent and tomatoes with 8.3 percent. Zucchini, limes, oranges and cucumbers are the only items with decreasing rates.

VIANEY PICHARDO

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